Question

A bank gives you a loan of 1,500,000 Baht to buy a house. The interest rate of the loan is 0.01% per day (Using 1 year = 365 days) How much interest you pay after 10 years

Answer 1

Answer:

547 500

Step-by-step explanation:

Interest for 1 year:

0.01%×365=3.65 a year

3.65×10=36.5% for 10 years

36.5×1,500,000÷100=547 500

Answer 2

The interest paid after 10 years is 547 ,500 Baht.

What is Interest ?

Interest is the amount paid or earned when a loan is taken or an investment is done respectively.

It is given that

Principal = 1,500,000 Baht

Rate = 0.01 % per day

Time period = 10 years

Interest = ?

Interest = P *R *T/100

Interest = 1500000 * 0.01 *365* 10 / 100

Interest = 547,500 Baht

Therefore the interest paid after 10 years is 547 ,500 Baht.

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